Compare legal limits, fees and the true cost of small loans in your state before you talk to any lender. Compare legal limits, fees and the true cost of small loans in your state.
Payday loans in Providence, Rhode Island
Rhode Island payday loan rules that apply in Providence
- Max loan amount
- $500
- Min loan term
- 13 days
- Max loan term
- N/A
- Finance charge cap
- 10% of check amount
- Max absolute fee
- $50
- Typical APR
- ~261%
- Rollovers (extensions)
- 1 allowed
- Simultaneous loans
- Max 3 per year total
- Right to rescind
- Next business day
- Governing law
- Rhode Island Check Cashing Act
- Regulator
- RI Dept of Bus. Reg.
Providence at a glance
| Metric | Providence | Rhode Island | United States |
|---|---|---|---|
| Population | 219,179 | 1.1M | 332.3M |
| Median household income | $67,848 | $89,026 | $85,275 |
| Median rent | $1,319/mo | $1,320/mo | $1,432/mo |
| Income spent on rent | 33.2% | 32.2% | 31.6% |
| Homeownership | 42.3% | 62.7% | 65.4% |
| Poverty rate | 20.5% | 11.5% | 12.6% |
| Unemployment rate | 7.4% | 5.8% | 5.3% |
| Without health insurance | 6.8% | 4.4% | 8.6% |
| Veterans | 2.4% | 5.4% | 6.5% |
Source: U.S. Census Bureau, American Community Survey, by ZIP code. City and state figures are population-weighted averages of ZIP code data and are approximate.
Payday loan cost calculator for Providence
Move the sliders to see what a payday loan would cost under Rhode Island rules and how it compares with local incomes.
Rhode Island maximum: $500
Rhode Island maximum: $10
- Fee
- $50
- Total to repay
- $550
- APR
- 261%
- Total fees with rollovers
- $50
- Share of a two-week household paycheck in Providence
- 1.9%
Estimate only. APR = fee ÷ amount × 365 ÷ term. Lenders may charge less than the state maximum; actual terms vary.
What a payday loan costs in Providence
- Fee on a $500 loan
- $50
- Share of a two-week household paycheck
- 1.9%
- Hours of work at the local median wage
- 3.0 hours
- Total fees if rolled over 1×
- $100
Example based on the Rhode Island maximum fee for the maximum loan and local median incomes: two-week paycheck = household income ÷ 26, hourly wage = individual income ÷ 2,080. Actual terms vary by lender.
Providence in context
- Population rank in Rhode Island
- 1st
- of 4 Rhode Island cities with 50,000+ residents
- Median household income rank
- 4th
- of 4 Rhode Island cities with 50,000+ residents
- Households earning under $25,000
- 24.6%
- ▲ 9.0 pts vs RI
- Median home value
- $340,105
- ▼ 11% vs RI
- Home value to income
- 5.0×
- A $400 emergency expense
- 2.2 days
- of median household income
Payday loan stores in Providence, RI
Licensed storefront lenders in Providence with addresses, phone numbers and hours. We do not rank or recommend any lender; confirm each company's license with the RI Dept of Bus. Reg. before you borrow.
| Address | Phone | Hours | Google rating |
|---|---|---|---|
| 361 Reservoir Ave., Unit B-2 Providence, RI 02907 | (401) 941-0814 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 10:00 AM – 2:00 PM Sun closed |
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Fast & secure payday loans in Providence, Rhode Island
Unexpected expenses can happen anytime. If you need urgent cash in Providence, our service connects you with trusted, state-licensed lenders.
Apply online from the comfort of your home, get a fast decision and, if approved, receive funds in your bank account as soon as the next business day.
Why Providence residents use us
- Fast 5-minute request A simple online application, with no waiting in line at a storefront.
- Bad credit considered Lenders focus on your steady income, not just your credit history.
- Borrow up to $500 Loan terms must comply with the Rhode Island Check Cashing Act.
- Safe & confidential Your personal and financial details are sent over an encrypted connection.
Notice for Providence residents: Payday loans are designed for short-term emergency needs and should not be used as a long-term debt solution. Interest rates, fees and maximum loan amounts are governed by Rhode Island law (Rhode Island Check Cashing Act). Always review the contract terms carefully before signing.
Providence payday loan FAQ
How much cash can I borrow in Providence?
Loan amounts in Providence are typically from $100 up to $500, in line with Rhode Island lending law. Your exact approved amount depends on your verifiable income, existing debt and the lender’s evaluation.
Do I need to visit a storefront in Providence to apply?
No. The whole process is handled securely online, so you don’t need to wait in line at a local check-cashing store or branch. If approved, your funds are deposited directly into your bank account by ACH transfer.
Can I qualify for a payday loan in Providence with poor credit?
Possibly. A traditional FICO score is not the only factor. Lenders in our network mainly look at whether you have a steady, recurring income and an active checking account to handle repayment. Approval is not guaranteed.
How quickly will I receive my funds in Providence?
Many applicants get a decision within minutes. Once you review and e-sign your agreement, lenders typically release the cash the same day or the next business day, depending on your bank’s transfer cutoff times.
What are the minimum requirements for Providence residents?
To qualify, you must:
- Be at least 18 years old.
- Live in Providence or the surrounding Rhode Island area.
- Have an active checking account in your name.
- Provide proof of consistent monthly income (employment, benefits or recurring deposits).